Business
Idaho Champion Announces Closing of First Tranche Non-Brokered Private Placement up to $1.2 million
Not for distribution to United States Newswire Services or for dissemination in the United States TORONTO, May 17, 2019 (GLOBE NEWSWIRE) -- Idaho Champion Gold
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Not for distribution to United States Newswire Services or for dissemination in the United States TORONTO, May 17, 2019 (GLOBE NEWSWIRE) -- Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the \"Company\"), a discovery-focused gold exploration company, announces that it has closed the first tranche of the private placement offering announced on May 2, 2019 by issuance of 12,000,000 units at a price of $0.10 per unit, for gross proceeds of $1,200,000. Each unit consists of one (1) common share and one (1) non-transferrable purchase warrant entitling the holder to acquire one common share at a price of $0.20 for a period of 36 months from issuance. As part of the closing of the first tranche, the company issued 4,719,428 units of the Corporation for gross proceeds of $471,942.80. The Company paid a cash finders' fee of $800.00 and issued 8,000 finders’ warrants. The proceeds of the financing will be used for funding an exploration program at the Baner Gold Project in Idaho, USA for general working capital purposes. This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold and one day period under applicable Canadian securities laws. The Company may pay finders’ fees consisting of 8% cash and 8% non-transferable warrants in connection with the financing, subject to compliance with the policy of the Canadian Securities Exchange (the “CSE”). Completion of the private placement and payment of any finders’ fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the CSE. Baner Gold Project The Baner Gold Project is located near Elk City, Idaho County, Idaho. In 2018 Idaho Champion made a new gold discovery at the Baner Creek project with near surface oxide gold mineralization in drilling over a 500 meter strike length. During 2019, the company anticipates continued exploration on the Baner Gold project. The company plans to grow the new discovery to expand the footprint at the north zone and follow up on the Angel Zone and the Sally targets. The Baner Project is located within the Orogrande shear zone (OSZ), a 20 kilometer long and up to 1 kilometer wide regional shear zone located in Central Idaho. The OSZ resembles a series of grabens composed of metamorphosed Prot...